Core Viewpoint - Bill Ackman, a prominent investor, focuses on concentrated investments in high-quality businesses, with his hedge fund, Pershing Square Capital Management, having a strong track record over the past two decades [1] Company Overview - As of December 31, Pershing Square held 11 positions, with one company representing 12% of the fund, making it the third-largest holding despite Ackman selling shares over several quarters [2] - Chipotle Mexican Grill (CMG) has shown significant stock performance, with shares increasing by 183% over the past five years, although they have declined by 17% in 2025 [2][8] Financial Performance - Chipotle has consistently generated positive free cash flow (FCF), reporting a cumulative FCF of $3.6 billion from 2021 to 2024, which has been partly used for share buybacks [3] - The company maintains a strong balance sheet, with more current assets than liabilities and no debt, allowing it to earn interest income rather than incur interest expenses [4] Competitive Position - Ackman values high barriers to entry in the restaurant industry, noting that while competition is fierce, replicating Chipotle's success is extremely challenging [5] Investment Strategy - Ackman sold approximately 17 million shares of Chipotle in 2024, likely due to high valuation rather than company quality, as the stock traded at an average forward P/E ratio of 51.2 [6][7] - Despite the sales, Pershing Square retained a significant position in Chipotle, indicating continued bullish sentiment, especially with the stock down 27% from its all-time high [8] Market Conditions - Chipotle experienced a 0.4% decline in same-store sales in Q1, attributed to weaker consumer spending, though the leadership remains optimistic about the company's long-term potential [9] - The stock is currently trading at a more reasonable forward P/E ratio of 41.3, suggesting a potential opportunity for investors to consider dollar-cost averaging into Chipotle shares [10]

Benchmark Electronics Financial Results April 29, 2025 Forward-Looking 2025 Statements This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts and may include words such as "anticipate," "believe," "intend," "plan," "project," "forecast," "strategy ...

Solid Quarterly Performance Leads to Free Cash Flow Generation, Critical Path Items Achieved to Allow for Ramp-up in Production and Exploration Activities Going Forward(All amounts are in U.S. dollars unless otherwise indicated)TORONTO, April 29, 2025 /PRNewswire/ - New Gold Inc. ("New Gold" or the "Company") (TSX: NGD) (NYSE American: NGD) today reported financial and operating results for the quarter ended March 31, 2025."The first four months of the year have been exceptionally positive for New Gold in a ...

Financial Performance - TETRA Technologies reported a record first-quarter Adjusted EBITDA of $32.3 million, a 41% increase sequentially and year-over-year, driven by strong performance in Completion Fluids and Products [2][3] - Total revenue for the first quarter was $157 million, reflecting a 17% sequential increase and a 4% increase compared to the previous year [2][8] - Net income before taxes and discontinued operations was $5.1 million, down from $7.4 million in the prior quarter due to unrealized mark-to-market gains [8] Segment Performance - Completion Fluids & Products generated revenue of $93 million, with adjusted EBITDA margins increasing to 35.7% from 27.3% in the previous quarter, supported by stronger deepwater activity [3][9] - Water & Flowback Services experienced a 2% decline in revenue sequentially, but adjusted EBITDA margins improved year-over-year by 340 basis points despite lower frac activity levels [3][11] Outlook and Guidance - The company anticipates a strong second quarter, expecting to benefit from seasonal peaks in European industrial chemicals and the completion of multiple deepwater projects [4] - Adjusted EBITDA guidance for the first half of 2025 has been revised to between $57 million and $65 million, with revenue guidance adjusted to between $315 million and $345 million [4] Cash Flow and Capital Expenditures - TETRA generated $3.9 million in cash from operating activities and $4.2 million in free cash flow during the first quarter, after investing $11.2 million in the Arkansas bromine project [5][18] - Total capital expenditures for the quarter were $18 million, with significant investments directed towards the Arkansas bromine facility [18][20] Balance Sheet and Liquidity - As of March 31, 2025, the company had cash and cash equivalents of $41 million and long-term debt of $180 million, resulting in a net leverage ratio of 1.5X [20][19] - Liquidity improved to $220 million as of April 28, 2025, including an unused $75 million delayed draw feature under the Term Credit Agreement [19] Emerging Growth Initiatives - TETRA is advancing its desalination project, TETRA Oasis TDS, in collaboration with EOG Resources, targeting the recycling of produced water for beneficial reuse [13] - The company is positioned to benefit from increased sales of battery electrolytes to Eos Energy Enterprises as they ramp up production [14]

Financial Data and Key Metrics Changes - Consolidated net revenues for Q1 2025 were $2.8 billion, an increase of 2% year-over-year [6] - Total adjusted EBITDAR for the quarter was $884 million, up 4% year-over-year [6] - Same store adjusted EBITDAR in Las Vegas was $433 million, essentially flat compared to the prior year [6][8] - Las Vegas EBITDA margins improved to 43.2%, up 50 basis points year-over-year [8] Business Line Data and Key Metrics Changes - The Regional segment delivered adjusted EBITDAR of $440 million, up 2% year-over-year [10] - Caesars Digital reported net revenue of $335 million, a 19% increase year-over-year, with adjusted EBITDA of $43 million, up $38 million year-over-year [12] - Sports Betting net revenue increased by 9%, while iCasino net revenue grew by 53% year-over-year [12][13] Market Data and Key Metrics Changes - Convention room nights accounted for 20% of the Las Vegas mix, with the Forum Convention Center achieving a Q1 EBITDA record [8] - The New Orleans and Danville projects contributed positively to the Regional segment despite weather disruptions [10][19] Company Strategy and Development Direction - The company is focused on capital projects in Las Vegas, which are yielding better-than-expected returns [9] - There is a commitment to enhancing guest experiences through significant capital investments over the past four years [10] - The company is in a free cash flow harvesting mode, with plans to use operating free cash flow primarily for debt paydown [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the Las Vegas market outlook despite economic uncertainties [9][22] - Forward bookings remain strong, with expectations for continued growth in digital segments [22] - Management noted that they have not observed any significant consumer softness, with rated play showing mid-single-digit growth [44][46] Other Important Information - The company repurchased $100 million of its stock at an average price of $23.84 [16] - Full-year CapEx for 2025 is expected to be approximately $600 million, with interest expenses projected to decrease significantly [16] Q&A Session Summary Question: Las Vegas outlook and group-related bookings - Management indicated that group bookings were about 20% of the first quarter room base and expect 2025 to be a record year for group bookings [29][30] Question: Clarification on last year's revenue piece - Management confirmed a $6 million headwind on EBITDA due to skin revenues and World Series of Poker revenues declining [32] Question: Impact of weather and leap year on regional performance - Management estimated the net impact of weather and leap year to be in excess of $10 million [37] Question: Changes in customer behavior among different segments - Management noted that unrated play has been softer than rated play, but rated play is up mid-single digits [44] Question: Digital segment performance and future expectations - Management confirmed that iCasino is performing well, with a 70% increase in revenue in April compared to the previous year [21][84] Question: International customer exposure and trends - Management stated that they primarily operate as a domestic business, with some international high-end play continuing without significant changes [91] Question: Regional margins and future expectations - Management expects regional margins to improve as competitive pressures ease and new properties ramp up [97] Question: Buyback strategy and market conditions - Management indicated they would remain active in stock buybacks if the stock dislocates as it did in early April [100]

HAMILTON, Bermuda, April 29, 2025 /PRNewswire/ -- Nabors Industries Ltd. ("Nabors" or the "Company") (NYSE: NBR) today reported first quarter 2025 operating revenues of $736 million, compared to operating revenues of $730 million in the fourth quarter of 2024. Net income attributable to Nabors shareholders for the quarter was $33 million, compared to a net loss of $54 million in the fourth quarter. This equates to earnings per diluted share of $2.18, compared to a loss per diluted share of $6.67 in the four ...

ProPetro (PUMP) Q1 2025 Earnings Call April 29, 2025 01:52 PM ET Speaker0 Good day, and welcome to the ProPetro Holding Corp. First Quarter twenty twenty five Conference Call. Please note, this event is being recorded. I'd now like to turn the call over to Matt Augustine, Director of Corporate Development and Investor Relations for ProPetro Holding Corp. Please go ahead. Speaker1 Thank you, and good morning. We appreciate your participation in today's call. With me today are Chief Executive Officer, Sam Sle ...

Q1 2025 Update April 29th, 2025 Table of Contents Executive Summary p.03 | Key Highlights | p.04 | | --- | --- | | Financial Summary | p.06 | | MAUs & Subscribers | p.13 | | Product & Platform | p.16 | | Outlook | p.19 | Financial Statements 2 p.22 Executive Summary We are pleased with our performance in Q1, as nearly all of our KPIs were in-line to ahead of guidance. The business added 3 million MAU during the quarter, in-line with our expectations for a seasonally small quarter, while Subscriber net addit ...

ProPetro (PUMP) Q1 2025 Earnings Call April 29, 2025 09:00 AM ET Company Participants Matt Augustine - Director of Corporate Development and Investor RelationsSam Sledge - Chief Executive OfficerCelina Davila - Chief Accounting OfficerJohn Daniel - Founder & CEOAlec Scheibelhoffer - Equity Research AssociateWaqar Syed - MD & Head of Research Conference Call Participants Arun Jayaram - Analyst Operator Good day, and welcome to the ProPetro Holding Corp. First Quarter twenty twenty five Conference Call. Pleas ...

Roper Technologies, Inc ROP reported better-than-expected earnings for its first quarter and raised its forecast on Monday. The company posted first-quarter adjusted earnings per share of $4.78, beating the street view of $4.74. Quarterly sales of $1.88 billion outpaced the analyst consensus estimate of $1.82 billion. "Roper had a strong start to 2025 and our enterprise continues to execute at a high level," said Neil Hunn, Roper's President and CEO. "Our total revenue growth of 12% was driven by an 8% acqu ...